Debt Management
Who Should and Should Not Use A Debt Management
Program?
What will a debt management program cost me?
Will this hurt my credit?
Can I still use my cards while they are in the program?
Read More >
Ready to start down the path of financial freedom and remove your debt?
We can direct you.
Contact Us >
The qualifications for a debt management program or credit counseling programs
are a valid checking or savings account and a minimum of $5,000 in unsecured
credit card or consumer balances. As long as you have both you may qualify for a
program.
A checking/savings account is required because a lot of non-profit organizations
do not have a billing department and don’t have the funds to send out mail to
their clients, so instead they take payments electronically. If you don’t have a
bank account you can open up an account, just for the time of your program.
If you are over 6 months late on your payments, it will be very hard to get into
a debt management program, but if you are within the 6 month window, you will
benefit from the program even more. After 90 days in a program, you can benefit
from the re-aging process which will end creditor’s calls and bring your
accounts current on your credit report.
The debt management company will go into the last 6 months of your credit report
and fix any late payments, finance charges or over-the-limit charges.
If you are over one year late on your payments this type of program will not be
able to help you.
If you are looking at bankruptcy as a choice to get rid of debt, soon debt
management programs will be a mandatory program for anyone looking to file
bankruptcy.
Debt Management and Credit Counseling programs work with unsecured balances
only, so you can not enroll your car loan or mortgage accounts. You can,
however, include personal loans, gas cards, store cards, some medical bills, and
most accounts consumer debt.
^ Top | Copyright © Get of out credit card debt.org | Site design by: weston-web.com